How Is EMI Calculated on My Medical Loan at Buddy Loan

A medical loan is no different from a personal loan. The EMI calculation methodology that applies to a
personal loan also applies to a medical loan. Besides getting an emergency loan at the right time, you
can reap better benefits without any push or pull of approval through Buddy Loan, one of the best loan
aggregators.
Certain banks can lend medical personal loans with zero processing fees.

EMI calculation methodology on Instant medical loan online
The formula is:
P x R x (1+R) ^N] / [(1+R) ^N-1
Where P is the principal amount.
R is the rate of interest per month.
N is the tenure of the loan in months.
^ is to the power of
Features of medical loan
• Interest rate starts at 11.99%p.a.
• The loan amount can be a minimum of Rs.1000 to a maximum of Rs. 15 lakhs.
• Loan tenure can be a minimum of 2 months to a maximum of 60 months.
How are medical emergency loans different from medical loans?
• Both are similar. In medical emergency loans, anyone can avail a medical loan regardless of
their credit history or employment status.
• A surety deposit may be required.
• Banks that give medical emergency personal loans charge a higher interest at 14% pa.
• The tenure is capped at 5 years; this means a higher EMI. Loans are capped at Rs. 15 lakhs;
some banks may or may not give higher.
• These loans can be part-paid or foreclosed.
How to apply for a Instant medical loan online?
• Call the banks customer care or fill the online application form. In the latter case, a
representative call and guides you on the process.
• You may be required to furnish a signed soft copy of your AADHAR card, PAN card and salary
receipts.
• Money is disbursed immediately. In the case of medical emergency loans, it is 5 minutes. In the
case of a medical loan, it is 24 hours maximum.

• The top-up facility is available based on sound credit score. You are free to apply for medical
loans from more than one bank.
Medical equipment loan is not medical loan
Often a medical loan is confused with a medical equipment loan. The latter is a business loan to procure
medical equipment to set up a business such as a hospital, clinic or laboratory. It is also called as
healthcare finance. Weigh your words carefully before you question your customer care.
Conclusion
If used wisely, and taken only when needed, a medical loan is a great savior in times of need. It is
advisable only to take this healthcare personal loan to cover critical or dire-need medical expenses.

How can I get a medical loan at Buddy Loan

What is a medical loan?
A Instant medical loan online is one that you ask from the bank to be able to pay medical expenses. A
medical loan may be unsecured or secured.
A secured loan is one that you will have to deposit collateral with the bank so that they
give you the loan. You may also apply for an unsecured medical loan.
Many facilities will endure that you can get the approved money in a short turn over
time. They also make the application process simple.
Buddy Loan offers instant loans to you for you to meet all of your medical financing
needs. Instant Medical loan online applications will be affected by your credit score.
The major advantage of a medical loan is that they are processed faster, and you can
get the money fast. However, they are an expensive way of addressing medical bills,
and they do not reduce the costs you incur in any way.
Documentation and the application process
To apply for a instant medical loan with Buddy Loan, you need to keep your Aadhaar and PAN
handy. To further process your application, any one of the identification cards, i.e.,
voter’s card,aadhaar card, ration card, can be used.
 Proof of identity
 Proof of residence
 Salary proof
Application process:
 Check your credit score from CIBIL; it will count when the lender is approving
your loan.
 Compare the lenders and choose the one who best fits your needs
 Prepare the documentation that you need
 Fill in the application form and submit to the bank it
Key points to consider when making a medical loan application
 The extra charges in the loan- When factoring in which lender to choose, you will
need to consider those charges. This is because they also add up to the cost of
the loan.

 Disbursement period- When applying for a loan, you will need to consider the
amount of time the lender takes before they credit your account. The faster they
are in disbursing the approved loan, the better for you.
 The interest rate: It is prudent for the borrower to consider the interest rate. Settle
for the lender who will give you the best rate. This will, in turn, translate to
comfortable EMIs.
 Most lenders have an online calculator. Choose a lender who has a comfortable
EMI plan that suits you.
Features of a medical loan?
Given the urgency that a medical condition necessitates, medical loans from Buddy
Loan have some unique features that are listed below.
 Minimal documentation to be required
 The loan is disbursed into your account within 24 hours of approval
 Once your loan you receive approval immediately
 Part prepayments are allowed
 There are flexible EMI payment
 Most lenders allow for online application of the unsecured loan.

WHAT WILL HAPPEN IF SOMETHING HAPPENS TO ME AFTER I HAVE TAKEN THE MEDICAL LOAN?

What is a medical loan?

During a medical emergency, getting hold of appropriate funds is of critical importance. It should
usually be a hassle-free experience and should not cause any trouble. That is exactly what a
Instant medical loan online is for. It is often claimed for the medical emergencies.
If an individual applies for a medical loan directly to the bank, the chances of obtaining it is more
but likely at its own pace. In banks, the highest priority goes to the highest credit score holder
thus pushing your profile behind. Whereas a laon aggregator can seize this opportunity to get
you a loan at the earliest. Buddy Loan considers your credit score important but the need of the
hour even more important.
A Instant medical loan is a type of personal loan. It can be used to pay medical bills and cover a wide range of treatments. Whether it is an individual in need of urgent medical procedures or coping
with an injury, a medical loan is a must for such situations.
Also, medical debt being a major problem, with the rising costs of the healthcare industry and
certain restrictions on health insurance coverage, an instant medical loan is a way out of this
inconvenience.

How do medical loans work?
Instant Medical loan Online can be used to pay for or cover different healthcare costs that may not be completely covered by existing insurance. There are also certain instances where a health
insurance plan may not cover a medical procedure. It is wise to opt for an online medical loan in
cases such as this.
Different lenders provide medical loans, and the process of applying for one is quite similar to
applying for any other type of credit. In case an individual needs funds to pay for a treatment or
medical procedure, he/she can use the amount received through the loan.

The implication of taking up a medical loan
A medical loan allows one to manage their healthcare expenditures on a pre-defined or custom
created payment schedule. This can be a major step on the quest to help one to pay for
healthcare needs and avoid the pressure of worrying about collecting the necessary funds or
struggling to pay off in one go.
Some of the various medical situations and procedures where online medical loans might help are
mentioned below:

1. Fertility treatments
2. Visit Gynaecologists or obstetrician
3. Orthodontics
4. Cosmetic surgery, weight loss related surgery, etc
5. Unexpected events that need medical attention like accidents, disease, etc
6. Consolidated medical debt
If you have taken a medical loan, then you may be able to get the required funds for a medical
situation much faster when compared to medical insurance, as you will already have the amount
in your account.
Also, you don't need to have collateral in case of unsecured medical loans. Buddy Loan
aggregator disburses this type of loan. There is also the fact that you may get better financing
rates and options through medical loans in comparison to the medical service provider.

WHAT IS THE MEANING OF FORECLOSURE? HOW CAN I FORECLOSE MY MEDICAL LOAN?

What is loan foreclosure?
The defined legal process by which the said lender takes control of a property maybe mentioned
under a mortgage, in the event of the borrower not being able to pay the full principal amount
and interest payments is known as foreclosure or pre-closure. Meaning, in a crude aspect, it will
affect your chances of creating a good credit history.
The advantage of availing a loan via a loan aggregator can help your credit score. Buddy Loan
till date has disbursed loans all over the country based on the individuals’profile thus preventing
further hassles.
The terms and conditions are stipulated in the mortgage contract. The foreclosure process takes
its legal basis from a deed of trust contract, which is the mortgage contract, which gives the right
to use a property owned by the borrower to the lender. This comes into effect when the
borrower fails to uphold their repayment obligation.
A foreclosure is an actual act of a lender seizing a property cited under mortgage in the trust or
mortgage contract. Essentially, foreclosure is the process of repayment of the outstanding
Instant personal loan online in full in a single instalment. This mostly happens ahead of the due date.
In foreign countries, each region or area has its laws when it comes to governing the foreclosure
process. In India, the laws are the same everywhere, but the procedure for the same varies
from lender to lender. The process includes the notices posted publicly by the lender, the
borrower options on avoiding foreclosure, and a defined schedule or timeline for selling the
property.

How to foreclose a medical loan online?
The foreclosure or pre-closure of a loan account can either be undertaken by the borrower or
the lender.
The reasons for a lender foreclosing an account are pretty straightforward, but the reasons for a
borrower doing the same are complex. Understanding those reasons may help an individual to
arrive at what is best for him/her self.
Some of the common reasons behind the foreclosing of a loan account by a borrower are as
follows:
1. The need for a borrower to be debt-free
2. Struggling with the pressure of paying monthly instalments with interest
3. Deciding not being able to pay the upcoming instalment by any means
4. Failing to pay subsequent instalments
5. Hike in interest rates
The process of foreclosing an account by a borrower comes with some minor complications.
The borrower first has to check with the lender and communicate that they want to foreclose the
account and go through the appropriate terms and conditions.
Lenders, in most cases, allow a foreclosure, but the borrower may have to pay a foreclosure
charge, in some cases. The usual range of the charge is 3%-6% of the principal amount that is
yet to be paid. This fact varies over for a scale of industries and individuals. It is only appropriate
to check with the particular lender.
After going through all these steps, the borrower can then demand a foreclosure.